The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Midday recovery.
Like the last two sessions, weakness dominated the morning and strength showed up after the bell. The S&P opened down about 50 points but buyers went to work immediately. The index went flat by 10:30 AM and then spent the bulk of the midday up materially. The index topped at +60 points in the early afternoon. That’s a 100-plus point intraday swing, without a major news item to explain it. The bulls gave up midday gains by 2:30 PM and the index wandered between unch’d and +20 points later in the day. It seems that technical bears tried to control the morning and failed. It seems as though technical bulls tried to control the day but failed towards the end of the day. The net result was a ho-hum change for the day. Yields bounced around a bit but essentially went from down small to up small and capital flow was light, 89%.
There’s little to discuss about today. The bulls and the bears each tried to run away with the tape ahead of the Liberation Day announcement and each camp failed. The bulls ultimately won since we finished in the green but it’s an essentially meaningless song and dance. We’re waiting on the tariff announcements.
Also, I wouldn’t put too much faith in what futures do on the heels of the news. We need to see what overseas markets do and then see how we feel about everything come tomorrow morning.
Anyway, here we go.
See you tomorrow.
-Mike
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